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Should you Buy Short Sales or Foreclosures?

With all the mess these days surrounding foreclosures, it’s no wonder buyers are antsy about the ramifications of buying foreclosures. In this video, the VP of RealtyTrac points out some real issues with buying foreclosures, especially on the courthouse steps.

But there are other issues as well. In short, sometimes banks don’t really have the right to foreclose on a property, but the foreclosure takes place anyway. Once the property is sold to the buyer, it becomes the buyer’s problem, and it’s possible that the buyer’s title policy won’t cover the loss. How is this possible? Well, according to the article below, there could be a break in chain of mortgage ownership.

Remember the term we all learned when the real estate bubble burst – “mortgage-backed securities?” The mortgage on a property may have changed hands multiples times before the loan ended up in foreclosure, yet none of the transfers were recorded, and you end up with title defects. Banks will try to pass this risk on to the buyer through an addendum to the purchase agreement. So the obvious lesson to the buyer is to hire an attorney to review all paperwork BEFORE signing the purchase agreement. Don’t just wait until closing and assume that the closing attorney or title company will be able to protect you!

Client Testimonials

Scott, you were a fantastic help! I can’t imagine that you could have made it any easier. You were honest about ALL the paperwork, time lines, the bank procedures, etc. Knowing how to prepare & what to expect made all the difference.

Asheville condo owner

Thank you so much for all your hard work in selling my home and helping me to close this chapter and move on.

Wells Fargo borrower

What a relief to no longer receive calls from my mortgage companies! I am sad to say good-bye to my vacation home, but I know that this was the best thing for me. Thanks!

Vacation home seller

Great job! My parents got themselves in over their head on this house, and we are all so glad that you were able to help us negotiate with Wells Fargo and get this done!

Black Mountain homeowner

I am so grateful to have had the opportunity to work with you on the short sale of my mother’s condo…with such teamwork, efficiency, and professionalism, this is the outcome that I had expected.

Asheville Foreclosure Sales

Asheville, NC Short Sales. Asheville Short Sales The information in this website is deemed reliable but not guaranteed. Nothing in this website shall constitute legal advice or tax advice. Each short sale is unique; sellers, buyers, and real estate agents are advised to engage a competent attorney and tax professional immediately.
Mortgage Assistance Relief Services Disclosure: I am not associated with the government, and my services have not been approved by the government or any lender. No lender is obligated to approve a short sale or any other modification of mortgage terms. My fees are collected out of the lender's proceeds at closing, and you may stop using my services at any time.